Harnessing the Power of Digital Technology
Artificial intelligence, augmented reality, automation, analytics, 3D printing, data science, pinpoint GPS… digital technology is rapidly changing the way in which we live, work and play. It is an exciting, and sometimes daunting age, where possibilities seem endless.
Despite all the digital innovation across the world, the oil and gas industry is somewhat lagging behind. Although we’ve made huge technical strides to radically increase global oil and gas production, conquering deeper waters, desolate frontiers and fracking shale formations, it’s all been done with little digital intervention. DanosPetrofac believes now is the time for us to harness digital technologies and transform our industry. The possibilities are infinite for breakthrough innovation.
One of the greatest challenges in applying digital technology to the oil and gas industry is deciding where to start. The direction we want to travel is clear, but choosing the first steps of the journey is both difficult and critical. At DanosPetrofac, we believe the key is to block out the all of the noise. Ignore the trending and the flashy, which can cloud decision making, and focus on applying the digital solutions that are straightforward to implement and deliver clear value.
We must leverage the experience and critical thinking developed through more than a century of oil and gas exploration, and selectively apply the digital technologies which demonstrably enhance safety, reduce costs, increase uptime and make our industry attractive to a new generation of potential talent. If an idea or technology will not clearly achieve these aims, we must set it aside, regardless of how exciting it looks to our investors, clients or partners.
For the oil and gas industry, there’s good news. Other sectors before us have paid the price to develop technologies which we can implement quickly and for a fraction of the original cost. Other industries such as automotive, nuclear and aviation have paved the way, making our road to implementation a much smoother one.
For example, we’re now using data-driven technology with artificial intelligence and machine learning to inform the maintenance program for rotating equipment on an offshore floating asset. We’ve adapted and enhanced a tried-and-tested capability from the onshore mining and chemicals industries, and we’re using the data we collect from everyday operations to hone our models, making us even smarter and our maintenance programs even more efficient. This will directly translate to fewer unplanned shutdowns, lower repair and maintenance costs, less expensive logistics and much higher returns for our customers. This is all possible because we took a simple step – from land to sea – in the technology journey. That’s the power of digital at work in our industry.
There are many more of these ‘easy’ wins available to the oil and gas industry, we just need to choose our steps wisely. DanosPetrofac is combining decades of operations and maintenance experience and 70-plus years of service in the Gulf of Mexico, with the latest digital technologies to drive ultra-efficient asset support.
To find out more about our asset optimization journey, including how we are harnessing digital technologies, join us at the OPEX show in Houston Nov. 6 and 7, or stay tuned to this blog.